The last thing I would consider before jumping in is; the demand for housing in that area.

That's where a title search comes into play.

For RI if a child is tested as lead poisoned in your home some tougher regulations come into play.

The only instance where this might be a good play is if you're building an infill project in a highly desirable area with no inventory available.

It's a good location and solid structure in a city with high demand, but the interiors were treated poorly pre-foreclosure so will need a major overhaul.

Worked like a charm, and now I live off my rentals and get to play on the internet, take nice walks, extended lunch outings, etc.

Would you get creative with financing in the DC area, or would you play it safe and invest back in a college town understanding that your physical visits will be limited?

And @Wayne Brooks dont get me wrong, all realtors dont do a reckless job regarding low equity and negative equity listings.Short Sale Success is a maybe with the lender, with incredible delays, and the ramifications of doing short sales can be seriously detrimental.BTW, I love CCIM Commercial Realtors, its a demanding designation to earn, and should be sought out doing commercial deals.

(tie-up to flip to someone else)i guess there's not enough motivation yet.HML may be the best play here as someone suggested, but would have to lower the offer considerably, especially after rethinking Joel's post.

He reiterated that if I could come up with the answer to how taxes work for non-owner occupied homes then we could continue on.I understand that taxes depend on a person's entire portfolio and if the seller has owned the property for many years then depreciation comes into play, but is there any general information people can share on taxes on non-owner occupied residences?